Read the quarter in context.
A source-linked quarter view: reported numbers, management language, guidance, and the risks that should carry forward.
ConCallIQ research layer
Signal, with the source still visible.
Use the controls below to narrow the view, then follow the evidence into the next layer of context.
Revenue
₹3,433.8 Cr
verified against source
Revenue YoY
7.1%
reported change
EBITDA
Pending
latest reported figure
Source
screener in
record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
Glenmark's Q2 FY25 consolidated revenue grew 7.1% YoY to INR 3,434 crore, driven by strong India (13.9% YoY) and Europe (14.6% YoY) performance, partially offset by a 1.2% decline in North America and 4.1% decline in ROW. India outperformed the IPM with 12.7% growth, while Europe benefited from branded respiratory uptake. The US business remains under pressure but expects improvement from new launches in H2. Management guided for full-year EBITDA margin of ~19% and expects Monroe plant to resume commercial production by end of FY25. Key growth drivers include RYALTRIS (targeting $200M+ sales), respiratory pipeline, and IGI's ISB 2001 with promising Phase 1 data. Risk: US price erosion and delayed Monroe ramp-up could pressure margins.
Colored figures show movement against the previous available record.
Guidance to track
- Management expects FY25 EBITDA margin to be close to 19%, with gradual improvement of 1-1.5% per year thereafter.
- Management expects to reinitiate commercial production at Monroe before end of FY25, following FDA meeting.
- Glenmark expects to launch its first respiratory product in the US within 6-9 months, pending approval.
- Management aims to initiate partnering discussions post-ASH 2024 and expects a deal by FY26.
Risks flagged
- US generic market faces low single-digit price erosion; margins remain under pressure from competition.
- Monroe plant has been non-operational; any further delay in FDA clearance could prolong the $25-26M annual cash burn.
- Lirafit (GLP-1 biosimilar) faced supply issues; resolution expected from December but could impact scaling.
- ROW revenue declined 4.1% YoY due to high base and geopolitical challenges; full-year growth guided at high single digit.
Key quotes
- We believe that this will have a long runway, right? So this is our second or third year of launch, and we're tracking at about $80 million annual sales. And this will keep growing rapidly, right, to becoming a $200-plus million product, right, over the next three to five years.
- I think this is the first time we have a real world-class asset, right, which can be transformational in the multiple myeloma space.
- We had a meeting with the agency on the Monroe facility specifically, and we are pretty positive about the agency visiting us and reinspecting. And we think by before the end of this year, there's a strong possibility we may reinitiate commercial production.
Research modules